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                                                                 EXHIBIT 10(bbb)

                                    AGREEMENT

         AGREEMENT by and between FLEETBOSTON FINANCIAL CORPORATION, a Rhode
Island corporation (the "Company"), and Robert C. Lamb, Jr. (the "Executive"),
dated as of the 16th day of December 2002.

         WHEREAS, the Board of Directors of the Company (the "Board") has
determined that it is in the best interests of the Company and its stockholders
to assure that the Company will have the continued dedication of the Executive,
notwithstanding the possibility, threat or occurrence of a Change of Control (as
defined in Section 2) of the Company. The Board believes it is imperative to
diminish the inevitable distraction of the Executive by virtue of the personal
uncertainties and risks created by a pending or threatened Change of Control and
to encourage the Executive's full attention and dedication to the Company
currently and in the event of any threatened or pending Change of Control, and
to provide the Executive with compensation and benefits arrangements upon a
Change of Control which ensure that the compensation and benefits expectations
of the Executive will be satisfied and which are competitive with those of other
bank holding companies. Therefore, in order to accomplish these objectives, the
Board caused the Company to enter into an Agreement with the Executive.

         NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

         1.       Certain Definitions.

                  (a)      The "Effective Date" shall be the first date during
the "Change of Control Period" (as defined in Section 1(b)) on which a Change of
Control occurs. Anything in this Agreement to the contrary notwithstanding, if
the Executive's employment with the Company is terminated or the Executive
ceases to be an officer of the Company prior to the date on which a Change of
Control occurs, and it is reasonably demonstrated that such termination of
employment (1) was at the request of a third party who has taken steps
reasonably calculated to effect the Change of Control or (2) otherwise arose in
connection with or anticipation of the Change of Control, then for all purposes
of this Agreement the "Effective Date" shall mean the date immediately prior to
the date of such termination of employment.

                  (b)      The "Change of Control Period" is the period
commencing on the date hereof and ending on the earlier to occur of (x) the
third anniversary of such date and (y) the Executive's normal retirement under
the FleetBoston Financial Corporation Pension Plan ("Normal Retirement Date");
provided, however, that commencing on the date one year after the date hereof,
and on each annual anniversary of such date (such date and each annual
anniversary thereof is hereinafter referred to as the "Renewal Date"), the
Change of Control Period shall be automatically extended without any further
action by the Company or the Executive so as to terminate three years from such
Renewal Date; provided, however, that if either the Company or the Executive
shall give notice in writing to the other, 120 days prior to the Renewal Date,
stating that the Change of Control Period shall not be extended, then the Change
of Control Period shall expire three years from the last effective Renewal Date.

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         2.       Change of Control. For the purpose of this Agreement, a
"Change of Control" shall mean:

                  (a)      The acquisition, other than from the Company, by any
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 25% or more of the then outstanding shares of common stock of
the Company (the "Outstanding Company Common Stock"); provided, however, that
any acquisition by the Company or its subsidiaries, or any employee benefit plan
(or related trust) of the Company or its subsidiaries, of 25% or more of the
Outstanding Company Common Stock shall not constitute a Change of Control; and
provided further, that any acquisition by a corporation with respect to which,
following such acquisition, more than 50% of the then outstanding shares of
common stock of such corporation is then beneficially owned, directly or
indirectly, by all or substantially all of the individuals and entities who were
the beneficial owners of the Outstanding Company Common Stock immediately prior
to such acquisition in substantially the same proportion as their ownership
immediately prior to such acquisition of the Outstanding Company Common Stock,
shall not constitute a Change of Control; or

                  (b)      Individuals who, as of October 1, 1999, constitute
the Board (the "Incumbent Board") cease for any reason to constitute at least a
majority of the Board, provided that any individual becoming a director
subsequent to October 1, 1999 whose election, or nomination for election by the
Company's stockholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of the
Directors of the Company (as such terms are used in Rule 14a-11 of Regulation
14A promulgated under the Exchange Act); or

                  (c)      Consummation of a reorganization, merger,
consolidation, sale or other disposition of all or substantially all of the
assets of the Company (a "Business Combination"), in each case, with respect to
which all or substantially all of the individuals and entities who were the
beneficial owners of the Outstanding Company Common Stock immediately prior to
such Business Combination do not, following such Business Combination,
beneficially own, directly or indirectly, more than 50% of the then outstanding
shares of common stock of the corporation resulting from such a Business
Combination (including, without limitation, a corporation which as a result of
such transaction owns the Company or all or substantially all of the Company's
assets either directly or through one or more subsidiaries).

                  (d)      Approval by the stockholders of the Company of a
complete liquidation or dissolution of the Company.

                  Anything in the Plan to the contrary notwithstanding, if an
event that would, but for this paragraph, constitute a Change of Control results
from or arises out of a purchase or other acquisition of the Company, directly
or indirectly, by a corporation or other entity in which the

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Executive has a greater than ten percent (10%) direct or indirect equity
interest, such event shall not constitute a Change of Control.

         3.       Employment Period. Subject to the terms and conditions hereof,
the Company hereby agrees to continue the Executive in its employ, and the
Executive hereby agrees to remain in the employ of the Company, for the period
commencing on the Effective Date and ending on the earlier to occur of (x) the
last day of the twenty-fourth month following the month in which the Effective
Date occurs, and (y) the Executive's Normal Retirement Date (the "Employment
Period").

         4.       Terms of Employment.

                  (a)      Position and Duties.

                           (i)      During the Employment Period, (A) the
         Executive's position (including status, offices, titles and reporting
         requirements), authority, duties and responsibilities shall be at least
         commensurate in all material respects with the most significant of
         those held, exercised and assigned at any time during the 90-day period
         immediately preceding the Effective Date and (B) the Executive's
         services shall be performed at the location where the Executive was
         employed immediately preceding the Effective Date or any office or
         location less than 35 miles from such location.

                           (ii)     During the Employment Period, and excluding
         any periods of vacation and sick leave to which the Executive is
         entitled, the Executive agrees to devote reasonable attention and time
         during normal business hours to the business and affairs of the Company
         and, to the extent necessary to discharge the responsibilities assigned
         to the Executive hereunder, to use the Executive's reasonable best
         efforts to perform faithfully and efficiently such responsibilities.
         During the Employment Period it shall not be a violation of this
         Agreement for the Executive to (A) serve on corporate, civic or
         charitable boards or committees, (B) deliver lectures, fulfill speaking
         engagements or teach at educational institutions and (C) manage
         personal investments, so long as such activities do not significantly
         interfere with the performance of the Executive's responsibilities as
         an employee of the Company in accordance with this Agreement. It is
         expressly understood and agreed that to the extent that any such
         activities have been conducted by the Executive prior to the Effective
         Date, the continued conduct of such activities (or the conduct of
         activities similar in nature and scope thereto) subsequent to the
         Effective Date shall not thereafter be deemed to interfere with the
         performance of the Executive's responsibilities to the Company.

                  (b)      Compensation.

                           (i)      Base Salary. During the Employment Period,
         the Executive shall receive an annual base salary ("Annual Base
         Salary"), which shall be paid at a bi-weekly rate, at least equal to
         twelve times the highest monthly base salary paid or payable to the
         Executive by the Company and its affiliated companies in respect of the
         twelve-month

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         period immediately preceding the month in which the Effective Date
         occurs. During the Employment Period, the Annual Base Salary shall be
         reviewed at least annually and shall be increased at any time and from
         time to time as shall be substantially consistent with increases in
         base salary awarded in the ordinary course of business to other peer
         executives of the Company and its affiliated companies. Any increase in
         Annual Base Salary shall not serve to limit or reduce any other
         obligation to the Executive under this Agreement. Annual Base Salary
         shall not be reduced after any such increase and the term Annual Base
         Salary as utilized in this Agreement shall refer to Annual Base Salary
         as so increased. As used in this Agreement, the term "affiliated
         companies" includes any company controlled by, controlling or under
         common control with the Company.

                           (ii)     Annual Bonus. In addition to Annual Base
         Salary, the Executive shall be awarded, for each fiscal year during the
         Employment Period, an annual bonus (the "Annual Bonus") in cash at
         least equal to the average annualized (for any fiscal year consisting
         of less than twelve full months or with respect to which the Executive
         has been employed by the Company for less than twelve full months)
         bonus (the "Average Annual Bonus") paid or payable to the Executive by
         the Company and its affiliated companies in respect of the three fiscal
         years immediately preceding the fiscal year in which the Effective Date
         occurs. Each such Annual Bonus shall be paid no later than the end of
         the third month of the fiscal year next following the fiscal year for
         which the Annual Bonus is awarded, unless the Executive shall elect to
         defer the receipt of such Annual Bonus pursuant to deferral plans of
         the Company.

                                    Anything in the Agreement to the contract
         notwithstanding, if the Executive's employment is terminated during the
         Employment Period by the Company other than for Cause or Disability, by
         the Executive for Good Reason, or by reason of the Executive's death,
         and such termination occurs prior to the Executive having received
         three Annual Bonus Awards, then the Executive's Highest Annual Bonus
         for purposes of this Section 6 will be the greater of (i) the
         Executive's Annual Bonus paid or payable to the Executive for the most
         recently completed fiscal year during the Employment Period, if any,
         (ii) the Average Annual Bonus , or (iii) $750,000.

                           (iii)    Incentive, Savings and Retirement Plans. In
         addition to Annual Base Salary and Annual Bonus payable as hereinabove
         provided, the Executive shall be entitled to participate during the
         Employment Period in all incentive, savings and retirement plans,
         practices, policies and programs applicable to other peer executives of
         the Company and its affiliated companies, but in no event shall such
         plans, practices, policies and programs provide the Executive with
         incentive, savings and retirement benefits opportunities, in each case,
         less favorable, in the aggregate, than the most favorable of those
         provided by the Company and its affiliated companies for the Executive
         under such plans, practices, policies and programs as in effect at any
         time during the one-year period immediately preceding the Effective
         Date.

                           (iv)     Welfare Benefit Plans. During the Employment
         Period, the Executive and/or the Executive's family, as the case may
         be, shall be eligible for

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         participation in and shall receive all benefits under welfare benefit
         plans, practices, policies and programs provided by the Company and its
         affiliated companies (including, without limitation, medical,
         prescription, dental, disability, salary continuance, employee life,
         group life, accidental death and travel accident insurance plans and
         programs) and applicable to other peer executives of the Company and
         its affiliated companies, but in no event shall such plans, practices,
         policies and programs provide benefits which are less favorable, in the
         aggregate, than the most favorable of such plans, practices, policies
         and programs in effect at any time during the one-year period
         immediately preceding the Effective Date.

                           (v)      Expenses. During the Employment Period, the
         Executive shall be entitled to receive prompt reimbursement for all
         reasonable expenses incurred by the Executive in accordance with the
         most favorable policies, practices and procedures of the Company and
         its affiliated companies in effect at any time during the one-year
         period immediately preceding the Effective Date or, if more favorable
         to the Executive, as in effect at any time thereafter with respect to
         other peer executives of the Company and its affiliated companies.

                           (vi)     Fringe Benefits. During the Employment
         Period, the Executive shall be entitled to fringe benefits in
         accordance with the most favorable plans, practices, programs and
         policies of the Company and its affiliated companies in effect at any
         time during the one-year period immediately preceding the Effective
         Date or, if more favorable to the Executive, as in effect at any time
         thereafter with respect to other peer executives of the Company and its
         affiliated companies.

                           (vii)    Office and Support Staff. During the
         Employment Period, the Executive shall be entitled to an office or
         offices of a size and with furnishings and other appointments, and to
         exclusive personal secretarial and other assistance, at least equal to
         the most favorable of the foregoing provided to the Executive by the
         Company and its affiliated companies at any time during the one-year
         period immediately preceding the Effective Date or, if more favorable
         to the Executive, as provided at any time thereafter with respect to
         other peer executives of the Company and its affiliated companies.

                           (viii)   Vacation. During the Employment Period, the
         Executive shall be entitled to paid vacation in accordance with the
         most favorable plans, policies, programs and practices of the Company
         and its affiliated companies as in effect at any time during the
         one-year period immediately preceding the Effective Date or, if more
         favorable to the Executive, as in effect at any time thereafter with
         respect to other peer executives of the Company and its affiliated
         companies.

         5.       Termination of Employment.

                  (a)      Death or Disability. The Executive's employment shall
terminate automatically upon the Executive's death during the Employment Period.
If the Company determines in good faith that the Disability of the Executive has
occurred during the Employment

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Period (pursuant to the definition of "Disability" set forth below), it may give
to the Executive written notice in accordance with Section 12(b) of this
Agreement of its intention to terminate the Executive's employment. In such
event, the Executive's employment with the Company shall terminate effective on
the 30th day after receipt of such notice by the Executive (the "Disability
Effective Date"), provided that, within the 30 days after such receipt, the
Executive shall not have returned to full-time performance of the Executive's
duties. For purposes of this Agreement, "Disability" means the absence of the
Executive from the Executive's duties with the Company on a full-time basis for
180 consecutive business days as a result of incapacity due to mental or
physical illness which is determined to be total and permanent by a physician
selected by the Company or its insurers and acceptable to the Executive or the
Executive's legal representative (such agreement as to acceptability not to be
withheld unreasonably).

                  (b)      Cause. The Company may terminate the Executive's
employment during the Employment Period for "Cause". For purposes of this
Agreement, "Cause" means (i) an act or acts of personal dishonesty taken by the
Executive and intended to result in substantial personal enrichment of the
Executive at the expense of the Company, (ii) repeated violations by the
Executive of the Executive's obligations under Section 4(a) of this Agreement
which are demonstrably willful and deliberate on the Executive's part and which
are not remedied in a reasonable period of time after receipt of written notice
from the Company or (iii) the conviction of the Executive of a felony involving
moral turpitude.

                  (c)      Good Reason. The Executive's employment may be
terminated during the Employment Period by the Executive for Good Reason. For
purposes of this Agreement, "Good Reason" means:

                           (i)      the assignment to the Executive of any
         duties inconsistent in any respect with the Executive's position
         (including status, offices, titles and reporting requirements),
         authority, duties or responsibilities as contemplated by Section 4(a)
         of this Agreement, or any other action by the Company which results in
         a diminution in such position, authority, duties or responsibilities,
         excluding for this purpose an isolated, insubstantial and inadvertent
         action not taken in bad faith and which is remedied by the Company
         promptly after receipt of notice thereof given by the Executive;

                           (ii)     any failure by the Company to comply with
         any of the provisions of Section 4(b) of this Agreement, other than an
         isolated, insubstantial and inadvertent failure not occurring in bad
         faith and which is remedied by the Company promptly after receipt of
         notice thereof given by the Executive;

                           (iii)    the Company's requiring the Executive to
         be based at any office or location other than that described in Section
         4(a)(i)(B) hereof;

                           (iv)     any purported termination by the
         Company of the Executive's employment otherwise than as expressly
         permitted by this Agreement; or

                           (v)      any failure by the Company to comply with
         and satisfy

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         Section 11(c) of this Agreement.

         For purposes of this Section 5(c), any good faith determination of
"Good Reason" made by the Executive shall be conclusive. Anything in this
Agreement to the contrary notwithstanding, a termination by the Executive for
any reason during the 30 day period immediately following the first anniversary
of the Effective Date shall be deemed to be a termination for Good Reason for
all purposes of this Agreement.

                  (d)      Notice of Termination. Any termination by the Company
for Cause or by the Executive for Good Reason shall be communicated by Notice of
Termination to the other party hereto given in accordance with Section 12(b) of
this Agreement. For purposes of this Agreement, a "Notice of Termination" means
a written notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's
employment under the provision so indicated and (iii) if the Date of Termination
(as defined below) is other than the date of receipt of such notice, specifies
the termination date (which date shall be not more than 15 days after the giving
of such notice). The failure by the Executive to set forth in the Notice of
Termination any fact or circumstance which contributes to a showing of Good
Reason shall not waive any right of the Executive hereunder or preclude the
Executive from asserting such fact or circumstance in enforcing the Executive's
rights hereunder.

                  (e)      Date of Termination. "Date of Termination" means the
date of receipt of the Notice of Termination or any later date specified
therein, as the case may be; provided, however, that (i) if the Executive's
employment is terminated by the Company other than for Cause or Disability, the
Date of Termination shall be the date on which the Company notifies the
Executive of such termination and (ii) if the Executive's employment is
terminated by reason of death or Disability, the Date of Termination shall be
the date of death of the Executive or the Disability Effective Date, as the case
may be.

         6.       Obligations of the Company Upon Termination.

                  (a)      Death. If the Executive's employment is terminated by
reason of the Executive's death during the Employment Period, this Agreement
shall terminate without further obligations to the Executive's legal
representatives under this Agreement, other than the sum of the following
obligations: (i) the Executive's Annual Base Salary through the Date of
Termination to the extent not theretofore paid, (ii) the product of (A) the
greater of (x) the Annual Bonus paid or payable (and annualized for any fiscal
year consisting of less than 12 full months or for which the Executive has been
employed for less than 12 full months) to the Executive for the most recently
completed fiscal year during the Employment Period, if any, and (y) the Average
Annual Bonus (such greater amount hereafter referred to as the "Highest Annual
Bonus") and (B) a fraction, the numerator of which is the number of days in the
current fiscal year through the Date of Termination, and the denominator of
which is 365 and (iii) any accrued vacation pay not yet paid by the Company (the
amounts described in subparagraphs (i), (ii) and (iii) are hereafter referred to
as "Accrued Obligations"). All Accrued Obligations shall be paid to the
Executive's estate or beneficiary, as applicable, in a lump sum in cash within
30 days of the

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Date of Termination. Anything in this Agreement to the contrary notwithstanding,
the Executive's family shall be entitled to receive benefits at least equal to
the most favorable benefits provided by the Company and any of its affiliated
companies to surviving families of peer executives of the Company and such
affiliated companies under such plans, programs, practices and policies relating
to family death benefits, if any, as in effect with respect to other peer
executives and their families at any time during the one-year period immediately
preceding the Effective Date or, if more favorable to the Executive and/or the
Executive's family, as in effect on the date of the Executive's death with
respect to other peer executives of the Company and its affiliated companies and
their families.

                  (b)      Disability. If the Executive's employment is
terminated by reason of the Executive's Disability during the Employment Period,
this Agreement shall terminate without further obligations to the Executive,
other than for Accrued Obligations. All Accrued Obligations shall be paid to the
Executive in a lump sum in cash within 30 days of the Date of Termination.
Anything in this Agreement to the contrary notwithstanding, the Executive shall
be entitled after the Disability Effective Date to receive disability and other
benefits at least equal to the most favorable of those provided by the Company
and its affiliated companies to disabled executives and/or their families in
accordance with such plans, programs, practices and policies relating to
disability, if any, as in effect with respect to other peer executives and their
families at any time during the one-year period immediately preceding the
Effective Date or, if more favorable to the Executive and/or the Executive's
family, as in effect at any time thereafter with respect to other peer
executives of the Company and its affiliated companies and their families.

                  (c)      Cause; Other Than for Good Reason. If the Executive's
employment shall be terminated for Cause or other than for Good Reason during
the Employment Period, this Agreement shall terminate without further
obligations to the Executive other than the obligation to pay to the Executive
Annual Base Salary through the Date of Termination to the extent theretofore
unpaid. In such case, such amounts shall be paid to the Executive in a lump sum
in cash within 30 days of the Date of Termination.

                  (d)      Good Reason; Other Than for Cause or Disability. If,
during the Employment Period, the Company shall terminate the Executive's
employment other than for Cause or Disability, or if the Executive shall
terminate employment under this Agreement for Good Reason:

                           (i)      the Company shall pay to the Executive in a
         lump sum in cash within 30 days after the Date of Termination the
         aggregate of the following amounts:

                                    A.       all Accrued Obligations; and

                                    B.       an amount equal to the product of
                  (x) three and (y) the sum of (i) Annual Base Salary and (ii)
                  the Highest Annual Bonus; and

                                    C.       a lump sum retirement benefit equal
                  to the difference between (a) the actuarial equivalent of the
                  benefit under the FleetBoston Financial

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                  Corporation Pension Plan (the "Pension Plan"), as supplemented
                  by the Retirement Income Assurance Plan or any successor to
                  such plan (the "RIAP") and the Supplemental Executive
                  Retirement Plan or any successor to such plan (the "SERP"; and
                  together with the RIAP and the Pension Plan, collectively
                  referred to as the "Retirement Plans"), which the Executive
                  would receive if the Executive was fully vested in the
                  Retirement Plans and the Executive's employment continued at
                  the compensation level provided for in Sections 4(b)(i) and
                  4(b)(ii) for three years after the Date of Termination, and
                  such three additional years shall be credited to the Executive
                  for purposes of calculating the Executive's age, final average
                  salary and years of service accrued under the Retirement
                  Plans, provided, however, that any benefit to the Executive
                  under any one or more of the Retirement Plans shall be
                  included in the foregoing calculation only to the extent the
                  Executive participated in such Retirement Plans immediately
                  prior to the Effective Date, and (b) the actuarial equivalent
                  of the Executive's actual benefit (paid or payable), if any,
                  under the Retirement Plans; and

                                    D.       the Executive shall be entitled to
                  receive a lump-sum payment equal to (i) the employer matching
                  contributions that the Company would have made on the
                  Executive's behalf to the FleetBoston Financial Corporation
                  Savings Plan or other similar or successor plan (the "Savings
                  Plan") and the Executive Supplemental Plan (assuming the
                  maximum employee deferral election, and the maximum employer
                  matching contribution rate, permitted under each of the
                  Savings Plan and Executive Supplemental Plan) if the
                  Executive's employment continued at the compensation level
                  provided for in Section 4(b)(i) for three years, plus (ii) the
                  amount, if any, of her account in the Savings Plan which is
                  forfeitable on the Date of Termination; and

                           (ii)     for three years after the Executive's Date
         of Termination, or such longer period as any plan, program, practice or
         policy may provide, the Company shall continue benefits to the
         Executive and/or the Executive's family at least equal to those which
         would have been provided in accordance with the applicable plans,
         programs, practices and policies described in Section 4(b)(iv) of this
         Agreement as if the Executive's employment had not been terminated or,
         if more favorable to the Executive, as in effect at any time thereafter
         with respect to other peer executives of the Company and its affiliated
         companies and their families. For purposes of determining eligibility
         of the Executive for retiree benefits pursuant to such plans,
         practices, programs and policies, the Executive shall be considered to
         have remained employed until three years after the Date of Termination
         and to have retired on the last day of such period.

         7.       Non-exclusivity of Rights. Nothing in this Agreement shall
prevent or limit the Executive's continuing or future participation in any
benefit, bonus, incentive or other plans, programs, policies or practices,
provided by the Company or any of its affiliated companies and for which the
Executive may qualify, nor shall anything herein limit or otherwise affect such
rights as the Executive may have under any other agreements with the Company or
any of its affiliated companies. Amounts which are vested benefits or which the
Executive is otherwise

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entitled to receive under any plan, policy, practice or program of the Company
or any of its affiliated companies at or subsequent to the Date of Termination
shall be payable in accordance with such plan, policy, practice or program
except as explicitly modified by this Agreement.

         8.       Full Settlement. The Company's obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense or other claim, right or action which the Company may have against the
Executive or others. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement. The Company
agrees to pay, to the full extent permitted by law, all legal fees and expenses
which the Executive may reasonably incur as a result of any contest (regardless
of the outcome thereof) by the Company or others of the validity or
enforceability of, or liability under, any provision of this Agreement or any
guarantee of performance thereof (including as a result of any contest by the
Executive about the amount of any payment pursuant to Section 9 of this
Agreement), plus in each case interest at the applicable Federal rate provided
for in Section 7872(f)(2) of the Internal Revenue Code of 1986, as amended (the
"Code").

         9.       Certain Additional Payments by the Company.

                  (a)      Anything in this Agreement to the contrary
notwithstanding and except as set forth below, in the event it shall be
determined that any payment or distribution by the Company to or for the benefit
of the Executive (whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise, but determined without
regard to any additional payments required under this Section 9) (a "Payment")
would be subject to the excise tax imposed by Section 4999 of the Code or any
interest or penalties are incurred by the Executive with respect to such excise
tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the "Excise Tax"), then the Executive
shall be entitled to receive an additional payment (a "Gross-Up Payment") in an
amount such that after payment by the Executive of all taxes (including any
interest or penalties imposed with respect to such taxes), including, without
limitation, any income taxes (and any interest and penalties imposed with
respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Executive
retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon
the Payments. Notwithstanding the foregoing provisions of this Section 9(a), if
it shall be determined that the Executive is entitled to a Gross-Up Payment, but
that the Executive, after taking into account the Payments and the Gross-Up
Payment, would not receive a net after-tax benefit of at least $50,000 (taking
into account both income taxes and any Excise Tax) as compared to the net
after-tax proceeds to the Executive resulting from an elimination of the
Gross-Up Payment and a reduction of the Payments, in the aggregate, to an amount
(the "Reduced Amount") such that the receipt of Payments would not give rise to
any Excise Tax, then no Gross-Up Payment shall be made to the Executive and the
Payments, in the aggregate, shall be reduced to the Reduced Amount.

                  (b)      Subject to the provisions of Section 9(c), all
determinations required to be made under this Section 9, including whether and
when a Gross-Up Payment is required and the

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amount of such Gross-Up Payment and the assumptions to be utilized in arriving
at such determination, shall be made by PricewaterhouseCoopers unless such firm
shall be the accounting firm of the Company or any affiliate of the Company at
the Date of Termination, in which case such determinations shall be made by an
accounting firm of national standing agreed to by the Company and the Executive
(which may be PricewaterhouseCoopers if agreed to by the Executive), or, if the
Company does not so agree within 10 days of the Date of Termination, such an
accounting firm shall be selected by the Executive (the "Accounting Firm") which
shall provide detailed supporting calculations both to the Company and the
Executive within 15 business days of the date such firm is selected or such
earlier time as is reasonably requested by the Company. All fees and expenses to
the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment,
as determined pursuant to this Section 9, shall be paid by the Company to the
Executive within five days of the receipt of the Accounting Firm's
determination. Any determination by the Accounting Firm shall be binding upon
the Company and the Executive. As a result of the uncertainty in the application
of Section 4999 of the Code at the time of the initial determination by the
Accounting Firm hereunder, it is possible that Gross-Up Payments which will not
have been made by the Company should have been made ("Underpayment"), consistent
with the calculations required to be made hereunder. In the event that the
Company exhausts its remedies pursuant to Section 9(c) and the Executive
thereafter is required to make a payment of any Excise Tax, the Accounting Firm
shall determine the amount of the Underpayment that has occurred and any such
Underpayment shall be promptly paid by the Company to or for the benefit of the
Executive.

                  (c)      The Executive shall notify the Company in writing of
any claim by an Internal Revenue Service that, if successful, would require the
payment by the Company of the Gross-Up Payment. Such notification shall be given
as soon as practicable but no later than ten business days after the Executive
receives written notification of such claim and shall apprise the Company of the
nature of such claim and the date on which such claim is requested to be paid.
The Executive shall not pay such claim prior to the expiration of the 30-day
period following the date on which it gives such notice to the Company (or such
shorter period ending on the date that any payment of taxes with respect to such
claim is due). If the Company notifies the Executive in writing prior to the
expiration of such period that it desires to contest such claim, the Executive
shall:

                           (i)      give the Company any information reasonably
         requested by the Company relating to such claim;

                           (ii)     take such action in connection with
         contesting such claim as the Company shall reasonably request in
         writing from time to time, provided, however, that the Company's
         selection of one or more attorneys to provide legal representation with
         respect to such claim shall be subject to the Executive's prior written
         approval;

                           (iii)    cooperate with the Company in good faith in
         order to contest such claim effectively; and

                           (iv)     permit the Company to participate in any
         proceedings relating to

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<PAGE>

         such claim;

provided, however, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold the Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of
this Section 9(c), the Company shall control all proceedings taken in connection
with such contest and, at its sole option, may pursue or forgo any and all
administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct
the Executive to pay the tax claimed and sue for a refund or contest the claim
in any permissible manner, and the Executive agrees to prosecute such contest to
a determination before any administrative tribunal, in a court of initial
jurisdiction and in one or more appellate courts, as the Company shall
determine; provided, however, that if the Company directs the Executive to pay
such claim and sue for a refund, the Company shall advance the amount of such
payment to the Executive, on an interest-free basis and shall indemnify and hold
the Executive harmless, on an after-tax basis, from any Excise Tax or income tax
(including interest or penalties with respect thereto) imposed with respect to
such advance or with respect to any imputed income with respect to such advance;
and provided, further, that any extension of the statute of limitations relating
to payment of taxes for the taxable year of the Executive with respect to which
such contested amount is claimed to be due is limited solely to such contested
amount. Furthermore, the Company's control of the contest shall be limited to
issues with respect to which a Gross-Up Payment would be payable hereunder and
the Executive shall be entitled to settle or contest, as the case may be, any
other issue raised by the Internal Revenue Service or any other taxing
authority.

                  (d)      If, after the receipt by the Executive of an amount
advanced by the Company pursuant to Section 9(c), the Executive becomes entitled
to receive any refund with respect to such claim, the Executive shall (subject
to the Company's complying with the requirements of Section 9(c)) promptly pay
to the Company the amount of such refund (together with any interest paid or
credited thereon after taxes applicable thereto). If, after the receipt by the
Executive of an amount advanced by the Company pursuant to Section 9(c), a
determination is made that the Executive shall not be entitled to any refund
with respect to such claim and the Company does not notify the Executive in
writing of its intent to contest such denial of refund prior to the expiration
of 30 days after such determination, then such advance shall be forgiven and
shall not be required to be repaid and the amount of such advance shall offset,
to the extent thereof, the amount of Gross-Up Payment required to be paid.

         10.      Confidential Information. The Executive shall hold in a
fiduciary capacity for the benefit of the Company all secret or confidential
information, knowledge or data relating to the Company or any of its affiliated
companies, and their respective businesses, which shall have been obtained by
the Executive during the Executive's employment by the Company or any of its
affiliated companies and which shall not be or become public knowledge (other
than by acts by the Executive or representatives of the Executive in violation
of this Agreement). After termination of the Executive' s employment with the
Company, the Executive shall not, without

                                       12

<PAGE>

the prior written consent of the Company, communicate or divulge any such
information, knowledge or data to anyone other than the Company and those
designated by it. In no event shall an asserted violation of the provisions of
this Section 10 constitute a basis for deferring or withholding any amounts
otherwise payable to the Executive under this Agreement.

         11.      Successors.

                  (a)      This Agreement is personal to the Executive and
without the prior written consent of the Company shall not be assignable by the
Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive's
legal representatives.

                  (b)      This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns.

                  (c) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. As used in this Agreement, "Company" shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

         12.      Miscellaneous.

                  (a)      This Agreement shall be governed by and construed in
accordance with the laws of the State of Rhode Island, without reference to
principles of conflict of laws. The captions of this Agreement are not part of
the provisions hereof and shall have no force or effect. This Agreement may not
be amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal representatives.

                  (b)      All notices and other communications hereunder shall
be in writing and shall be given by hand delivery to the other party or by
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

                  If to the Executive:

                           Robert C. Lamb, Jr.
                           [Address]


                           If to the Company:

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<PAGE>

                           FleetBoston Financial Corporation
                           100 Federal Street
                           Boston, MA  02110
                           Attention:  General Counsel

or such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

                  (c)      The invalidity or unenforceability of any provision
of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

                  (d)      The Company may withhold from any amounts payable
under this Agreement such Federal, state or local taxes as shall be required to
be withheld pursuant to any applicable law or regulation.

                  (e)      The Executive's failure to insist upon strict
compliance with any provision hereof shall not be deemed to be a waiver of such
provision or any other provision thereof.

                  (f)      This Agreement contains the entire understanding of
the Company and the Executive with respect to the subject matter hereof and by
entering into this Agreement the Executive waives all rights he may have under
the Company's separation policy.

         IN WITNESS WHEREOF, the Executive has executed this Agreement and the
Company has caused this Agreement to be executed by its duly authorized officer
as of the day and year first above-written.

                                       /s/ ROBERT C. LAMB, JR.
                                       -----------------------------------
                                       Robert C. Lamb, Jr.

                                       FLEETBOSTON FINANCIAL CORPORATION

                                       By:  /s/ M. ANNE SZOSTAK
                                            ----------------------
                                            M. Anne Szostak
                                            Executive Vice President

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